Forget Cartier, Van Cleef & Arpels, or Bulgari. In China, luxury is increasingly speaking Mandarin. The new object of desire is called Laopu Gold, and in the space of a few years is accomplishing what until recently seemed unthinkable: to oust the great French fashion houses from the throne of high-end jewelryFounded in Beijing in 2009, and already dubbed by consumers as “the Hermès of gold” Laopu conquered the Chinese public with an explosive formula made of imperial craftsmanship, cultural symbolism and calculated rarity.
In less than a year since his IPO in Hong Kong, Laopu recorded a sensational +1.600% on the stock market, transforming into a market star and in a real case of worship.
And so, while the sales of many Western giants they slow down, Laopu enchants with the power of its storytelling, the elegance of its design, and a commercial strategy inspired by collectibles. The world of luxury – from Paris to Wall Street – now look carefully towards Beijing.
The success of Laopu Gold
The name “Laopu” means “old shop” and perfectly sums up the brand's philosophy, which is to blend the artisanal savoir-faire of Chinese goldsmithing with theelegance of Western fashion houses. Her jewels, often in 24-karat pure gold, made with ancient techniques such as filigree and chisel, take up classical motifs of Chinese culture: dragons, phoenixes, lotus flowers and lucky pumpkins.
La difference with traditional Chinese jewelers, who sell gold by weight, it's radical. Laopu offers pieces at a fixed price, justified by exclusive designs, limited editions, and a strong symbolic value. A strategy that has won over not only the high-end market but also the hearts of a new generation of buyers, increasingly interested in products that reflect their cultural identity.
Behind this revolution there is Xu Gaoming, founder and creative mind of the brand. A visionary businessman and self-taught designer, Xu simultaneously holds the roles of Chairman, CEO and Director of Product Development of Laopu Gold, dedicating approximately 70% of his time in design and research & developmentBut Xu is not only the creative soul of the brand: he is also its main shareholder.
Through direct and indirect participations, Xu Gaoming controls a total of between 40% and 45% of the company's capital. In fact, it holds between 13% and 14% of class H shares and, together with his son Xu Dongbo, is co-controller of the holding Hongqiao Jinji, which has an additional 26–28% of the capital through equity incentive platforms.
The stock market surge: +1300% in one year
After an already promising 2023, Laopu Gold experienced a 2024 records. With revenues rising to RMB 8,5 billion (approximately 1,1 billion euros, +167%) and profits tripled RMB 1,47 billion, the company has consolidated its status as a rising star in Chinese luxury.
In the first six months of 2025, growth further accelerated with revenues between RMB 12 billion and 12,5 billion and annet profit between 2,23 and 2,28 billion (+279% year-on-year). Impressive numbers, especially given the double-digit declines other luxury giants, from Richemont to Kering, experienced in China.
Despite a recent retracement on the stock market due to profit taking, the stock remains among the best performing on the entire Hong Kong stock market, with a capitalisation of around 22 billion dollars.
The art of making yourself desired: when the wait is worth gold
Ma Behind success there are not only numbers. Laopu was able to build an aura of exclusivity around its own brand. The boutiques, just forty in all of Greater China, are concentrated only in very high-end malls, alongside brands like Hermès and Tiffany. The shopping experience is meticulously curated, from Evian water to Godiva chocolates to VIP lounges for high-spending customers.
La production, deliberately limited, fuels demand and desireDuring the Lunar New Year 2024, there were 8-hour queues Outside stores, with customers willing to wait to purchase limited-edition pieces. It's the same strategy that made Hermès Birkin bags iconic: transforming the purchase into an exclusive ritual.
Gold yes, but with a cultural soul
What distinguishes Laopu is not only the craftsmanship, but even the narrationEach collection is linked to myths, symbols and stories of Chinese culture. A way to transform the jewel into an identity object, which celebrates tradition in a contemporary key. A winning formula among wealthy Chinese consumers, who are now more sensitive to recalling one's roots than yet another Western logo.
In an era of economic uncertainty, gold is also perceived as a safe haven. But Laopu manages to combine investment value and cultural significance, becoming an alternative to both metal speculation and pure status ostentation.
The popularity of the brand was also driven by the virality on social mediaOn Xiaohongshu and Douyin (Chinese TikTok), hundreds of posts and videos show customers showing off Laopu pendants, rings, and necklaces as if they were cultural trophies. A phenomenon that has generated a powerful Fomo effect (fear of missing out, the “fear of being excluded from the experience) and made Laopu jewels, true objects of desire.
Beyond China: The First Step in Singapore
In June 2025, Laopu inaugurated its first boutique abroad, choosing the prestigious Marina Bay Sands in Singapore. The next target is Japan, but international expansion will be gradual. The challenge is to export not only the product, but also its authentically Chinese storytelling, in markets where “made in Europe” still remains the standard in luxury.
Future prospects
Despite the sensational results, the the future is not without unknowns. Rapid growth fuels fears of a “bubble of desire“, and the competition is already moving forward with similar but more affordable jewelry lines. Furthermore, unlike a Birkin or a high-end watch, Laopu jewelry does not retain a resale value proportional to the purchase price, since in secondary markets what matters most is the gold content.
Ma for now, Laopu shines. And it is perhaps the most emblematic example of the new era of Chinese luxury, where design, craftsmanship, and national pride blend into a product that speaks to the hearts – and not just the wallets – of consumers.
